Bitcoin On-chain Data Points to Potential Macro Bottom at $47,960

Recent on-chain analysis indicates that Bitcoin's macro bottom for the current cycle may be significantly lower than previously anticipated, targeting the $47,960 level. This forecast comes as the cryptocurrency market grapples with a sustained bear phase that has persisted for six months with minimal signs of a reversal. While a previous cycle low was established at the $60,000 mark, current consolidation suggests that this support may not hold in the long term. Analysts are closely monitoring these on-chain metrics to determine where institutional and retail support will finally stabilize. The potential drop to sub-$50,000 levels implies a bearish outlook for immediate price action despite the search for a definitive floor. Investors remain cautious as the market seeks to validate these technical support zones amidst broader volatility.